Currency pressures persist on Thursday

2024-04-18
Summary:

On Thursday, the dollar weakened while pressures on other currencies persisted. Strong data dampened expectations of Fed rate cuts in June.

EBC Forex Snapshot, 18 Apr 2024


The dollar softened on Thursday but pressures on other currencies barely went away. A string of hot data squashed the view that the Fed to start cutting rates in June.


US economic activity expanded slightly from late February through early April and firms signalled they expect inflation pressure to hold steady, a Fed survey showed on Wednesday.

EURUSD

The euro was largely unchanged above its five-month low. ECB President Christine Lagarde said the central bank remains on course to cut interest rates in the near term, subject to any major shocks.

Citibank vs. HSBC Currency Pair Data Comparison

Citi (as of 15 Apr) HSBC (as of 16 Apr)

support resistance support resistance
EUR/USD 1.0517 1.0865 1.0529 1.0800
GBP/USD 1.2337 1.2709 1.2342 1.2628
USD/CHF 0.8999 0.9148 0.9023 0.9178
AUD/USD 0.6443 0.6668 0.6360 0.6583
USD/CAD 1.3478 1.3855 1.3576 1.3896
USD/JPY 150.88 153.39 151.90 155.54

The green numbers in the table indicate that the data has increased compared with the previous time; the red numbers indicate that the data has decreased compared with the previous time; and the black numbers indicate that the data has remained unchanged.


Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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